Nigeria outperformed 1.8 million barrels per day in July, according to the regulator

The head of Nigeria’s upstream regulator stated on Monday that the country’s oil production has risen to 1.78 million barrels per day (bpd) on average, surpassing 1.8 million bpd last month.

Being the biggest oil producer in Africa, the West African nation depends on crude oil for more than 80% of its foreign exchange profits and nearly two-thirds of its government revenue, therefore increases in production are essential to stabilizing its economy.

However, years of underinvestment, rebellion, and widespread oil theft reduced output and put a burden on national finances until Nigeria intensified its crackdown in the oil-rich Niger Delta.

The Nigerian Upstream Petroleum Regulatory Commission’s chief executive, Gbenga Komolafe, informed attendees at an energy conference that the output increase is a result of increased security operations and is part of an effort to expand oil production by 1 million barrels per day to 3 million barrels per day.
The last oil production was 1.8 million barrels per day in November.

According to Komolafe, the commission will keep collaborating with interested parties to maintain output increases and enhance industry openness.